• Businesses Learn To Make Do With Fewer Workers – Sound familiar to anyone? [NPR]
• Judge raps $33m bank bonus fine – “A US judge has refused to approve a $33m (£19m) fine that Bank of America agreed to pay to settle charges that it misled investors about bonuses.” [BBC]
• SEC Asks to Self Fund to Allow for Better Enforcement – OH, that was the problem. [naked capitalsm]
• AIG Breakup Is Fee Bonanza – Bankers, lawyers, accountants. Everybody’s happy. Oh wait. Taxpayers. [WSJ]
• Madoff Victims Said to Start Getting Tax Refunds – Anger will only subside briefly. [DealBook]
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Preliminary Analytics | 10.12.09
- Caleb Newquist
- October 12, 2009
• Stanford wins ruling in battle over fraud case defence – Court ruled that Stan can use proceeds from a corporate insurance policy to pay for his defense. Can we get on with the circus trial now, please? [FT]
• A Case Pitting Spin Against Fraud – “How far can Wall Street firms go to put a positive spin on bad news?” Used car salesmen should probably pay attention. [WSJ]
• BofA urged to seek external chief executive – Big institutional investors want fresh blood and not the next KL. [FT]
• Citi fined amid tax crackdown – $600k for derivatives that were partly designed to avoid taxes is supposedly going to scare other banks into compliance. [FT]
• Iceland Shrinks 8% as Prices Increase 11% in Deepest Recession – “The stock market has lost 97 percent of its value, and more than 780 companies have buckled under the weight of foreign currency loans as the krona plunged.” So, that’s not good. [Bloomberg]
• Improving your credit vs paying down debt – Americans can’t win. [Felix Salmon/Reuters]
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Preliminary Analytics | 09.08.09
- Caleb Newquist
- September 8, 2009
• Study: 2 out of 5 working-age Californians jobless – That sorta seems not good. [AP via SF Chronicle]
• Volunteer 5-0: Civilian Patrols Grow As Recession Puts Citizens on Guard – “After parking her truck in this beachside town in July, local resident Pamela Miller says she was confronted by a man wearing a neon-lemon “Parking Enforcement” T-shirt. He accused her of parking illegally, called her “retarded,” and, after she refused to move her truck, bumped her legs with his Ford Crown Victoria, she later told town officials.” [WSJ]
• Closely Watched Buffett Recalculating His Bets – Not that you’re going to do anything about it. [NYT]
• Deadline for $24m Leibovitz loan – Due today. If this somehow gets pulled off, can any of you help this woman? [BBC]
• Cadbury vows to fight Kraft offer – Because chocolate eggs and manufactured cheese don’t belong together. [FT]
• France to oppose Google book scheme – Your back-up career plan to scan the likes of Atlas Shrugged and the Harry Potter series may be put on hold. [FT]
• Swiss topple U.S. as most competitive economy: WEF – Obviously not taking the whole ‘End of Swiss Banking as we know it’ very well. [Reuters]
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Preliminary Analytics | 10.19.09
- Caleb Newquist
- October 19, 2009
• U.S. Said to Target Wave of Insider-Trading Cases After Galleon – “Investigators developed at least one informant in the ring, who began meeting in November 2007 with agents from the Federal Bureau of Investigation, according to charging documents.” Feel free to speculate who’s next. The SEC is taking no prisoners apparently. [Bloomberg]
• Armageddon in Alabama Proves Parable for Local U.S. Governments – “One target of [citizens’] anger is Larry P. Langford, who was the county commission’s president in 2003 and 2004 and is now mayor of Birmingham. The 61-year-old Democrat goes on trial today, charged in a November 2008 federal indictment with taking cash, Rolex watches and designer clothes in exchange for helping to steer $7.1 million in fees to an Alabama investment banker as the county refinanced its sewer debt.” [Bloomberg]
• Family Squabbles in Hyatt IPO – Family squabbles may “disrupt our business” according to the latest SEC filings. Nothing like family spite to disrupt the expansion of the fortune. [WSJ]
• CME in informal talks to take over CBOE: report – “Informal talks” could really mean anything including that they had the chat over prime rib buffet and lap dances. [Reuters]
• For N.B.A. Owners, Background Checks Go Deep – “The [NBA’s] investigation [of Mikhail D. Prokhorov] is expected to tap into Russian police, military, diplomatic and intelligence sources, some from the former K.G.B., as well as his partners, competitors and customers.” [DealBook]